Pen Underwriting ups Lloyd’s cyber capacity to £55m

Pen Underwriting has increased its Lloyd’s cyber capacity to £55 million following the successful renewal of multiple binders with its consortium of Lloyd’s partners.

Backed by Lloyd’s A-rated security, the agreements will enable Pen to write in excess of £55m in cyber insurance premiums in the UK, US, Canada and New Zealand over the course of the next 12 months – an increase of 15 percent on the previous year.

The capacity covers both Pen’s SME-focused online quote & bind trading facility, as well as open market capacity for larger accounts.

Hamir Patel, head of cyber at Pen Underwriting, said: “We’re delighted to have once again renewed and increased our cyber capacity with our Lloyd’s consortium. Digital risks and cyber exposure for every size, type and location of firm are only going in one direction – up. But Pen’s proven track record in providing cost-effective cover for customers while delivering the right underwriting results for our capacity partners, means we are on hand to keep helping more companies with emergency cyber incident response, service restoration and cover for any indemnified losses.”

Adrian Scott, managing director of financial & international lines at Pen, added: “It’s no secret that the increasing frequency and scale of ransomware attacks specifically, as well as internet security and data breach incidents in general, is pulling cyber into sharp focus for insurance markets. Capacity provision to MGAs will undoubtedly become more considered and selective, so not only renewing but increasing the premium value we can write is another great result for Pen, our dedicated cyber team, our brokers and their customers.”